Brown beef over medium-high heat, stirring frequently for 5-7 minutes. Add water and taco seasoning, and stir for another 3-4 minutes until sauce has thickened and ground beef is thoroughly cooked. Set aside and prepare Cracker Barrel® Mexiqueso Cheese sauce as per package directions. Set aside.
Lay corn chips on a large plate, or pan, and evenly distribute ground beef mixture on top of the chips. Top with diced peppers, olives, and chopped cilantro. Pour on Cracker Barrel® Mexiqueso Cheese Sauce and serve with a side of salsa and guacamole.